When interest rates are high, inflation is rampant, and the economy is on shaky ground, it’s hard to feel motivated to plan for a financial future. But if you talk to John Zendrosky, local financial advisor at Northwestern Mutual, you can’t help but feel a sense of hope – and inspiration, even.
Zendrosky frames things in an optimistic way. Where one might feel a sense of helplessness looking at their financial situation and the economy at large, Zendrosky notes, “If you make $50K and never earn a raise for the rest of your life, over a 35-year career, you’ve made 1.75 million dollars.”
That’s the kind of thing that one often misses – the big picture. And that’s what Zendrosky has a passion for helping his clients to see – and plan for. To that end, he’s a staunch advocate for insurance and defensive planning, as they’re pivotal parts of any sound financial plan, and they’re regularly overlooked. He can attest to this personally, and it’s the reason he was motivated to pursue a career in finance.
“I got into finances because of two main reasons. The first is that my family had a lot of hardships due to not having certain defensive planning in place (long-term disability, long-term care, life insurance). Secondly, many of my friends struggled with finances. I did not want to be just like everyone else living paycheck to paycheck. I wanted to learn how to make a difference in their lives and mine.”
So, what does it take to get started on the path to financial security? It’s deceptively simple – one just needs a plan. But don’t mistake simplicity for ease – sometimes it takes an outside perspective from a knowledgeable advisor to help one clearly identify their goals and take strategic steps in support of those goals.
Zendrosky can help you do just that – drawing on his wealth of knowledge, he takes income, taxes, inflation, and a multitude of other factors into consideration to generate goals for his clients. And the funny thing about having goals is that merely establishing them can provide the impetus for motivation.
Having goals also creates accountability and consistency, which are key to the success of any long-term plan. “Financial security is knowing that your plan will succeed with the highest likelihood of success,” he says. When you work with Zendrosky, you can rest assured knowing your plan is likely to succeed – and so are you.
Zendrosky reminds folks that there are always small ways to make a big impact on the journey to financial stability. Like forming a plan and hedging against risk by getting insured. “The best thing people can do in times where they feel powerless is lock up their defensive planning steps and diversify. Your best asset is not your home, it’s not your car, it’s your ability to earn an income. Dollars to dollars, long-term disability coverage is way cheaper than car insurance and renters’ insurance and covers a much more valuable thing.”
He also mentions not to get bogged down in analysis paralysis. “The rates of return, tax advantages, and this vs. that don’t matter if you never pull the trigger and start saving.”
Finally, it's always a good idea to save, save, save. “No matter where you’re at budget-wise, save $10 a month. Save $100 a month. Save $5,000 a month. But save and save consistently.”